Hey Bruce, great story. Yes, fun to be had is about the sailor, not the gear. Plus skills and balance acquired on longboards apply to other, shorter boards as well. And it's sportier - more outings, more cardio is used, and so on.
Here's a link to a recent outing of mine with teak booms in strong wind. Did my best, was fun.
http://www.forum.lbwindsurfing.com/longboard-discussion/fun-outing-with-oldest-possible-equipment-t482.htmlHere's a link to fixing your type of Windsurfer (warning: he makes it sound complicated, but it's not really.)
http://www.surfboardbuilding.com/Repair/One_Design_Fix/one_design_fix.htmlPay particular attention to you the "emptying of water" section. The capillary thing works, takes time, that's all.
Another option for you is to not bother, sail it until it takes too much water for you to carry around (it will always float and sail). During that time (1 year? 2 years?), look at Kijiji and Craigslist and other free ads in your area, but not eBay. In the course of, say, a year, you are almost guaranteed to find a whole new board-sail for $100 and a good board alone for perhaps $25.
Please feel free to ask further questions and/or open threads on this site.